Released on February 1, 2002
The financial communities in New York, Montreal and Toronto expressed theirconfidence this week in the Saskatchewan government's ability to manage its
finances.
Premier Lorne Calvert and Finance Minister Eric Cline have wrapped up over
a dozen meetings with top officials from influential companies such as CIBC
World Markets, Moody's Investors Service, National Bank, RBC Capital
Markets/Royal Bank, Bank of Montreal/BMO Nesbitt, Scotia Capital/Scotia
Bank, TD Securities/TD Bank and financing syndicate managers.
"The finance minister and I travelled east to promote Saskatchewan's strong
credit rating, and discuss investment opportunities in the province,"
Premier Calvert said. "The message we heard back was Saskatchewan has done
a great job over the last few years in getting its fiscal house in order."
Finance Minister Cline points out Saskatchewan has received nine credit
upgrades in the last six years.
"To maintain good relationships, it is important we meet face to face with
these people," Cline said. "They are interested to know where our finances
are at now and what direction we are planning in our upcoming budget."
Cline says the financial community is well aware of the pressures facing
Saskatchewan and all other provinces across Canada. These pressures have
been brought on by drought, low grain prices, dropping oil and gas
revenues, the softwood lumber tariff and the aftermath of September 11th.
"The message relayed to us was these analysts know downturns happen from
time to time," Cline said. "The key is how provinces react and address
short-term fiscal downturns. They like the fact Saskatchewan established
the fiscal stabilization fund to help it through these difficult times."
Cline says Saskatchewan will continue to reduce taxes, balance the budget,
grow the economy and pay off debt – all signals bankers, analysts and
investors are looking for.
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For more information, contact:
James Millar
Media Services
Regina
Phone: (306) 537-2392